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DryShips pulls out of Gas Ships spinoff, sells two Panamaxes for $18.8M

Published 06/18/2018, 12:14 PM
© Reuters.  DryShips pulls out of Gas Ships spinoff, sells two Panamaxes for $18.8M
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  • DryShips (DRYS +3.3%) is higher after saying it will not proceed with plans to spin off its Gas Ships gas carrier business, and has withdrawn the F-1 statement with the SEC.
  • DRYS announced the spinoff plan in February, in which it would have retained a 51% stake in the business with shareholders taking a 49% stake in the newly public company.
  • DRYS also agrees to sell two of its older Panamax drybulk carriers to unspecified buyers for a combined $18.8M.
  • The company continues to operate a fleet of 36 vessels, including 11 Panamax drybulk vessels.
  • Now read: Momentum Portfolio Year-One Review - It Gained 145.19% Vs. S&P 500's 12.73% Return


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